DFI uses NMLS to manage all Consumer Loan licenses. All applications and changes to a Consumer Loan license must be made through NMLS.
Apply for a Washington Consumer Loan Company License
New functionality in NMLS allows the Washington Consumer Loan Company License to be paperless. Please do not mail documents to the Department. The checklist details how documents must be provided. Following these specific directions will ensure prompt processing of your application.
Before You Apply
Review the documents below which are intended to help applicants make an informed decision regarding the Consumer Loan License.
Before applying, you will need to obtain certain registrations, licenses, and accounts outside of DFI.
Register with these Agencies
- Washington Secretary of State - You will need to receive a corporate registration
- Washington Business License Services - You will need to receive a Business License
- Gather all items listed on the New Application Checklist
Note: Do not apply for the license through NMLS until you have ALL items on the checklist
Specific items to be gathered or prepared include:
View your company’s websites to ensure the main page contains all of the following: (1) Applicant’s legal name, (2) Applicant’s NMLS number and (3) A link to the NMLS Consumer Access, labeled as “NMLS Consumer Access”
- Complaint Resolution
Prepare the company’s step by step process for handling customer complaints. This document must be on letterhead and include at minimum: (1) How do consumers file a complaint? (2) Who handles consumer complaints for the company and (3) What is the timeframe for responding to consumer complaints and using what method?
- Management Chart
Prepare the company’s internal management chart which shows the internal divisions, officers and managers. The chart must, at minimum, include all the owners and officers.
- Source of Funds (Lenders Only)
Gather executed copies of each of your company’s warehouse agreements or a verification letter from each warehouse provider. If the company lends money using funds other than a warehouse line, gather evidence of those funds (i.e. bank statement)
- Electronic Surety Bond
New Consumer Loan applicants must have a $30,000 electronic surety bond (unless the company ONLY services residential mortgage loans, then bond is not required unless using in lieu of net worth). The bond must be issued through NMLS, not in paper, and must be in NMLS before the application can be filed.
- Financial Statements
Prepare the company’s balance sheet for the most recent quarter end. Applicants providing student education loan servicing and residential mortgage loan servicing only must also provide prior two years financials.
- Submit Your Application Through NMLS
Once you have completed your application, submit your application for Washington Consumer Loan Company Main Office License through NMLS. This will include paying the licensing fee ($1,162.21), authorizing a credit report and Criminal Background Check (CBC) for each control person and uploading documents as listed on the New Application Checklist.
For help on submitting an application, see: Submitting Company Form Quick Guide
Sponsor Mortgage Loan Originator
If the company is brokering and/or lending residential mortgages you must have Mortgage Loan Originator, so sponsor them now: See: MLO Sponsorship Quick Guide
Submit Branch Locations
If the company has additional locations where Washington activity will be done, submit license applications for those branches: See: Submitting Branch Form Quick Guide
- Email the documents indicated on the New Application Checklist to the Department at MortgageLicensing@dfi.wa.gov. This should be done as quickly as possible after the application is submitted.